NSIVX vs. PZRIX

Last updated Jun 24, 2026

NSIVX (North Square Altrinsic International Equity Fund) and PZRIX (PIMCO RAE Global ex-US Fund) are both Foreign Large Cap Equities funds. Over the past 5 years, NSIVX returned 7.33%/yr vs 10.07%/yr for PZRIX. Their correlation of 0.86 suggests significant overlap in exposure. NSIVX charges 0.97%/yr vs 0.00%/yr for PZRIX.

Performance

NSIVX vs. PZRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Square Altrinsic International Equity Fund (NSIVX) and PIMCO RAE Global ex-US Fund (PZRIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSIVX achieves a 5.59% return, which is significantly lower than PZRIX's 10.46% return.

NSIVX

• 1D: -0.39%
• 1M: 1.20%
• YTD: 5.59%
• 6M: 5.41%
• 1Y: 16.31%
• 3Y*: 13.42%
• 5Y*: 7.33%
• 10Y*: —

PZRIX

• 1D: 0.16%
• 1M: -3.04%
• YTD: 10.46%
• 6M: 10.74%
• 1Y: 28.45%
• 3Y*: 19.23%
• 5Y*: 10.07%
• 10Y*: 10.42%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NSIVX vs. PZRIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
NSIVX North Square Altrinsic International Equity Fund	5.59%	25.40%	3.65%	14.88%	-8.10%	6.38%	1.71%
PZRIX PIMCO RAE Global ex-US Fund	10.46%	34.05%	3.29%	19.31%	-9.11%	12.08%	2.44%

Correlation

The correlation between NSIVX and PZRIX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 10, 2020	0.86

The correlation between NSIVX and PZRIX has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

Return for Risk

NSIVX vs. PZRIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NSIVX

NSIVX Risk / Return Rank: 25
NSIVX Sharpe Ratio Rank: 28
NSIVX Sortino Ratio Rank: 27
NSIVX Omega Ratio Rank: 27
NSIVX Calmar Ratio Rank: 22
NSIVX Martin Ratio Rank: 23

PZRIX

PZRIX Risk / Return Rank: 77
PZRIX Sharpe Ratio Rank: 82
PZRIX Sortino Ratio Rank: 77
PZRIX Omega Ratio Rank: 75
PZRIX Calmar Ratio Rank: 82
PZRIX Martin Ratio Rank: 68

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NSIVX vs. PZRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Square Altrinsic International Equity Fund (NSIVX) and PIMCO RAE Global ex-US Fund (PZRIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NSIVX	PZRIX	Difference
Sharpe ratio: Return per unit of total volatility	1.38	2.48	-1.09
Sortino ratio: Return per unit of downside risk	1.99	3.36	-1.37
Omega ratio: Gain probability vs. loss probability	1.25	1.44	-0.19
Calmar ratio: Return relative to maximum drawdown	1.58	3.59	-2.00
Martin ratio: Return relative to average drawdown	5.15	12.37	-7.22

NSIVX vs. PZRIX - Sharpe Ratio Comparison

The current NSIVX Sharpe Ratio is 1.38, which is lower than the PZRIX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of NSIVX and PZRIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NSIVX vs. PZRIX - Drawdown Comparison

The maximum NSIVX drawdown since its inception was -25.86%, smaller than the maximum PZRIX drawdown of -43.53%. Use the drawdown chart below to compare losses from any high point for NSIVX and PZRIX.

Drawdown Indicators

	NSIVX	PZRIX	Difference
Max Drawdown Largest peak-to-trough decline	-25.86%	-43.53%	+17.67%
Max Drawdown (1Y) Largest decline over 1 year	-10.83%	-8.18%	-2.65%
Max Drawdown (3Y) Largest decline over 3 years	-12.27%	-13.81%	+1.54%
Max Drawdown (5Y) Largest decline over 5 years	-25.07%	-30.85%	+5.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.53%	—
Current Drawdown Current decline from peak	-2.09%	-4.74%	+2.65%
Average Drawdown Average peak-to-trough decline	-4.76%	-8.85%	+4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.33%	2.36%	+0.97%

Volatility

NSIVX vs. PZRIX - Volatility Comparison

The current volatility for North Square Altrinsic International Equity Fund (NSIVX) is 3.15%, while PIMCO RAE Global ex-US Fund (PZRIX) has a volatility of 3.62%. This indicates that NSIVX experiences smaller price fluctuations and is considered to be less risky than PZRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSIVX	PZRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.15%	3.62%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	9.46%	9.42%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	12.42%	11.88%	+0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.83%	15.79%	-1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.58%	16.88%	-3.30%

NSIVX vs. PZRIX - Expense Ratio Comparison

NSIVX has a 0.97% expense ratio, which is higher than PZRIX's 0.00% expense ratio.

Dividends

NSIVX vs. PZRIX - Dividend Comparison

NSIVX's dividend yield for the trailing twelve months is around 10.42%, more than PZRIX's 5.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
NSIVX North Square Altrinsic International Equity Fund	10.42%	11.00%	5.59%	1.59%	1.51%	1.91%	0.11%	0.00%	0.00%	0.00%	0.00%
PZRIX PIMCO RAE Global ex-US Fund	5.94%	6.56%	6.70%	9.19%	8.80%	11.99%	2.04%	6.32%	2.80%	4.13%	2.58%

Frequently Asked Questions

Can I hold both NSIVX and PZRIX in my portfolio?

NSIVX and PZRIX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NSIVX or PZRIX?

PZRIX has higher volatility (3.62%) compared to NSIVX (3.15%). In terms of maximum drawdown, NSIVX dropped -25.86% vs PZRIX's -43.53%.

Which has better risk-adjusted returns?

PZRIX currently has the higher Sharpe Ratio (2.48 vs 1.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.